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Avenue C Rental Building Goes Condo, Promises No Evictions

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189 Avenue C, a four-year-old rental building, is going condo according to a letter from the landlord dated June 26, which was passed on to EV Grieve by one tenant. The tenants are being given 90 days to purchase their apartments at a 10 percent discount. The packet states that, "This is a non-eviction condominium offering plan. No non-purchasing tenant will be evicted by reason of conversion to condominium ownership." However, the entire building is also on the market for $32.5 million. Prices for non-tenants are reportedly starting at $700,000 for a studio, which seems pretty hefty for not-particularly-large former rentals on Avenue C.

· 189 Avenue C is converting to condos [EVG]
· New Avenue C Rental Building Ready With Floorplans But No Prices [Curbed]